Gold ETFs

1Q 2025 Highlights: The SPDR Gold Shares ETF (SGX:O87) saw its AUM hit a record S$2,184M, driven by S$347M in inflows over the past 10 months and a 66% YoY jump in trading activity. Falling US real yields, continued central bank buying, and heightened geopolitical uncertainty boosted gold’s appeal as a safe-haven asset. The ETF notched three straight months of AUM highs, with improved liquidity marked by tight 6bps spreads and strong top-of-book depth. Hawkish US trade policies also supported gold price momentum, reinforcing its role as a hedge against inflation and volatility.